Il Valtellinese credit it is the last (for now) pebble that jams the engine of the Italian credit sector, already engaged in a solitary battle to dilute the impact of non-performing loans over time. TO Milano the Ftse Mib index (-0,8%) falls below 22.800. The other markets are doing better, albeit in the red: Paris -0,25% Frankfurt -0,10% Madrid loses just under half a percentage point. Negative, albeit slightly, too London (-0,078%).
Continuing growth at the current pace, the recovery of the levels lost during the crisis will only end in 2021. This is calculated by the Confindustria Study Center in the new business and innovation report.
THEeuro it stands at its lowest since July against the dollar, just below 1,16, weighed down by the prospect of a postponement of Donald Trump's tax reform plan as well as the decline in popularity of the president.
The shopping continues government bonds. The German Bund yields 0,33%, while the BTP falls to 1,69%, the lowest level since October 2016. The spread is at 136 points.
Il Petroleum Brent was down 0,2% to $63,6 a barrel, pending this afternoon's US inventories data. Among Energy, Eni -0,4%, Tenaris -1% and Saipem -1,3%.
He misses out Maire Tecnimont (-6%). Mediobanca cut its rating to Neutral this morning. The target price is 4,85 euros. Yesterday, the plant engineering company released data for the first nine months of 2017, showing growth. Mediobanca cut the rating to Neutral from Outperform, the target price is set at 4,85 euro.
The case of the day concerns the Valtellinese credit: -30,99%, to 0,79 euros. The institute yesterday approved an industrial plan setting coverage targets for the various categories of non-performing loans. The transaction provides for a capital increase of up to 700 million (the bank is capitalizing 280 million today) with the aim of covering 74,2% of non-performing loans at the end of 2018.
The market wonders about what efforts other banks should make to reach the same targets, considered as benchmarks. Among the most targeted Bpm bank (-6% on high volumes), B for Bank (-4,5%) And Ubi (-2,9%). Also in sharp decline Monte dei Paschi Bank (-3,6%), which closed the third quarter with a net profit of 242 million, a positive result made possible by over half a billion euro collected through burden sharing, i.e. the sharing of rescue costs falling on shareholders and non-preferred bondholders.
You save Understanding (-0,9%), which yesterday beat expectations for the quarterly. Unicredit -0,6%. According to La Stampa, Fabrizio Saccomanni should be Giuseppe Vita's replacement as president of the bank. The former general manager of the Bank of Italy could already be co-opted to the board at today's meeting, replacing Fabrizio Palenzona.
In Paris the Crédit Agricole, which he announced the purchase of Banca Leonardo, dropped 4,1%. The large French bank announced this morning that it closed the third quarter of 2017 with a net profit of 1,07 billion, down 42,8% compared to the same period of the previous year, however affected by extraordinary capital gains.
Outside the banking sector, the decline of Mediaset (-3,15%) on the disappointing prospects for advertising in the fourth quarter. The stalemate in the dispute with Vivendi after the failure to acquire Mediaset Premium by the French giant also weighs. This morning Mediobanca intervened on the stock by raising the target price to 3,76 euros from 3,61 euros. Outperform rating confirmed.
Weak too Telecom Italy (-0,5%) after the subsidiary Tim Brazil announced tonight data for the quarter higher than expected.
In the rest of the lineup, it bounces in luxury Tod’s (+0,2%). In red Luxottica (-0,4%), Ferragamo (-0,2%), Yoox Net à Porter (-1,2%) And Moncler (-1,3%). Utilities are down slightly: Snam -0,6% Terna -0,4% Enel -0,4%. New losses for Prysmian: -1,55% to 28,62 euros. Two important brokers intervened on the stock this morning. Credit Suisse and Morgan Stanley both raised their target price to 30 euros from 29 euros.
